Debt Cut Last Chance For Greece

ATHENS - Further haircuts on Greek government debt should only be ?the last resort? in the country?s efforts at an economic turn-around, European Central Bank Executive Board member Yves Mersch said. Speaking at a conference here in Athens, organized by the Levy Institute of Bard College, Mr. Mersch cautioned that ?Greece today stands at a crossroads.? Hard-earned reforms towards a sustainable economy is one way, ?easy answers? the other, he said. Greece?s privately-held debt was restructured in May 2012 in the biggest debt restructuring in history. Most of its debt is now held by Eurozone governments and the International Monetary Fund, which have been keeping the country afloat since 2010 through bailouts worth a total of some 240 billion euros.

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